Renters Lose More Ground

The [tag]housing market[/tag] has caught renters between a rocky buying market and a hard place in the rental sector. The nation’s [tag]home ownership[/tag] rate rose slightly from 68.5 percent in the first quarter to 68.7 percent in the second quarter this year, but that’s down from the record high of 69.2 percent first set in the second quarter of 2004, according to [tag]U.S. Census[/tag].

The survey’s “Market Tightness Index” increased slightly in the second quarter to 85, the second highest index number on record. (An index reading above 50 indicates that, on balance, conditions are improving for landlords). The index has been 80 or above for five consecutive quarters, and above 50 for 12 consecutive quarters, signaling significant improvement in demand for rental housing. In July 2003, the index was 45, only 39 in July 2002, during the peak of the recession.